Purple Innovation (NASDAQ:PRPL) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Purple Innovation (PRPL) to a "hold", but analysts' consensus remains a "Reduce" rating with a consensus price target of $0.85, and UBS recently cut its target to $0.85 while Weiss Ratings keeps a sell.
• Shares trade around $0.61 (one‑year range $0.56–$1.26) with a market cap of about $66.24M; the company slightly beat the quarter with EPS of ($0.02) vs. ($0.04) expected and revenue of $140.69M, though FY EPS is still forecast at -0.47.
• Institutional investors own roughly 88.41% of the stock, with recent small stakes added by firms including AQR and Bank of America (which raised its holding by 45.1% to 55,984 shares).

Purple Innovation (NASDAQ:PRPL - Get Free Report) was upgraded by investment analysts at Wall Street Zen to a "hold" rating in a research note issued on Saturday.

PRPL has been the subject of several other reports. UBS Group cut their price objective on Purple Innovation from $1.00 to $0.85 and set a "neutral" rating for the company in a report on Wednesday, April 1st. Weiss Ratings reiterated a "sell (e+)" rating on shares of Purple Innovation in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Purple Innovation currently has a consensus rating of "Reduce" and a consensus price target of $0.85.

Purple Innovation Trading Up 1.0%

Shares of NASDAQ PRPL opened at $0.61 on Friday. Purple Innovation has a one year low of $0.56 and a one year high of $1.26. The firm has a market capitalization of $66.24 million, a PE ratio of -1.27 and a beta of 1.83. The business has a 50-day moving average price of $0.68 and a two-hundred day moving average price of $0.75.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $140.69 million for the quarter, compared to analysts' expectations of $139.81 million. Research analysts anticipate that Purple Innovation will post -0.47 EPS for the current year.

Institutional Investors Weigh In On Purple Innovation

Institutional investors have recently made changes to their positions in the company. Caprock Group LLC acquired a new stake in Purple Innovation in the 3rd quarter worth approximately $26,000. AQR Capital Management LLC acquired a new stake in Purple Innovation in the 1st quarter worth approximately $28,000. XTX Topco Ltd acquired a new stake in Purple Innovation in the 2nd quarter worth approximately $30,000. R Squared Ltd acquired a new stake in Purple Innovation in the 3rd quarter worth approximately $33,000. Finally, Bank of America Corp DE lifted its holdings in Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company's stock worth $44,000 after purchasing an additional 17,406 shares during the last quarter. 88.41% of the stock is currently owned by institutional investors and hedge funds.

Purple Innovation Company Profile

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company's product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.

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